There is no doubt in saying that an MBA is one of the most popular and expensive post-graduate programs but is an MBA degree worth the costs? Well, if you have this question, then you are not the only one. Most people get confused about whether they should do an MBA or not and have different questions regarding it. So if you also have these kinds of questions, then this article will provide you all the important information.
Now before jumping into more advanced things, let’s talk about the cost that you have to pay to earn an MBA.
Understanding MBA And It’s Costs
An MBA, also known as Master of Business Administration is a degree that focuses on the functional, analytical, and ethical applications of business. It is designed to improve students’ management skills to produce highly skillful business leaders. Earning an MBA requires money, time, and a lot of effort. For example- if you want to enroll for a full program, you will have to spend 2 years after completing your college. Coming to costs, most two-year program starts from $60,000 and can range up to $150,000 and more. As you can see that an MBA is very expensive but does it provide the same returns? Well, to understand it properly, it’s important to compare all different aspects of it. For example- the average salary of a full-time MBA graduate can be around $80,000 to $$110,000.
On the other hand, the average debt for completing an MBA can be around $51,000 to $70,000. Though both these depends on the institution but these are average numbers. Now if you compare both, then it is clear that the average salary of a business degree holder is higher than the average debt burden. This means that if you look from the money perspective, then an MBA degree provides potential long term benefits.
MBA Career Opportunities
Along with the salary, it is very important to analyze the job advancement opportunities before enrolling in a graduate degree. According to the GMCA survey, almost 89% of the B-school graduates are employed. It was also found that 2/3 of the individuals work for multinational companies. Along with this, � of graduates are satisfied with their career progression, and graduates who have more than 15 years of experience are at good executive positions. The majority of MBAs generally work in the technology, accounting, finance, and products and services industries. The survey also reported that most recent graduates work in products and services industries while experienced ones have established their roots in the consulting and accounting industries.
Now if you analyze this survey, then you will find that most graduates are at a good level and getting good career opportunities. So is an MBA worth the costs? Well, in simple words, an MBA degree is only worth the time, expense, and effort when you have the desire to operate in management, a business-related filed, or as an entrepreneur. For people who are engaged in other sectors and don’t hold positions related to leadership or management, an MBA may not be beneficial.
Benefits Of Earning An MBA
After discussing all the basic details regarding MBA, it’s time to put some light on the benefits of earning an MBA:
1- Better Time Management
One of the main benefits of earning an MBA is that it improves your time management skills. It can develop your capabilities of finishing work in the given time, so you don’t overcommit or under-deliver in any area of your life. Along with this, it can also improve your efficiency and productivity, which can help you get more work done in a limited time period.
2- More Self-Confidence
Increased self-confidence is another non-financial benefit of earning an MBA. All skill sets and knowledge gained by earning an MBA can enhance anyone’s self-esteem and confidence as they create their own path through the business world. It also makes a person self-disciplined and helps them get more exposure.
3- Better Communication
Most people claim that their communication skills improved a lot after completing their MBA. The good thing is that communication skills acquired by an MBA are not only limited to work and professional life but you can also apply them at home with your family and friends.